Want To Open A Fixed Deposit Account? Compare New Interest Rates Paid By Top Banks

Banks make adjustments in the interest rates for retail customers from time to time. Lenders adjust these interest rates based on factors such as cost of borrowing from the Reserve Bank of India (RBI). The central bank earlier this month announced a 25-basis-point hike in repo rate to 6.5 per cent. That made short-term borrowing of funds from the central bank more expensive for commercial banks. Public sector banking major State Bank of India (SBI) and private sector peer HDFC Bank recently revised their FD interest rates across select maturities.

Here's a comparison of FD interest rates paid by top banks today on amounts up to Rs 1 crore:

HDFC Bank FD interest rates

HDFC Bank has revised its interest rates with effect from August 6, 2018, stated hdfcbank.com.

State Bank of India (SBI) FD Interest Rates

SBI revised its interest rates on retail fixed deposits with effect from August 30, stated sbi.co.in. The following FD interest rates are for deposits below Rs 1 crore:

(All figures in % per annum)

ICICI Bank FD Interest Rates

Fixed deposit (FD) rates offered by ICICI Bank:

Interest rates on Domestic, NRO & NRE deposits (Less than Rs 1 crore), as per icicibank.com:

Canara Bank FD Interest Rates

Canara Bank pays the following interest rates on term deposits up to Rs 1 crore, stated canarabank.com:

In contrast to equity-related financial instruments such as mutual funds, fixed deposits offer fixed returns without market risks. That is why investors with a low appetite for risk prefer investment in FD over a mutual fund, say financial planners.